Why You Should Raise Your Prices!
Updated: Sep 25, 2022
I’m raising my prices in 2022.
There are PLENTY of reasons why consultants lift their prices.
One simple reason is that you eliminate difficult clients by simply raising your fees
Indeed it’s true that there is a band of clients who want the cheapest possible program and are more likely to complain, not do the work or demand a lot of support.
By simply raising your prices you eliminate these clients and attract a tier of clients who are more efficient, solutions-focused, who take responsibility, do the work and then move on.
Raising your prices is also a way of niching down.
Indeed if you are gaining results for your clients and want to get more specific results, one easy way of doing this is by raising your fees.
By immediately excluding a range of clients you can focus on getting results with a more specific demographic.
This in turn helps your testimonials and results as you simply help better clients get better results on a more consistent basis and so forth.
Another reason for raising your prices is simply put; economically you can do more for your clients when you have more revenue.
Greater profit margins mean you can invest more in your business, in yourself, in your systems, and in the solutions that you provide for your clients.
Think about it, are you more likely to put your faith in the cheapest car or the more expensive brand?
Raising your prices is not always a matter of mindset.
Nor do you need to have a massive ego to charge high fees for what you do.
Simply you need a service that is positioned and packaged in such a way as to speak to your ideal clients about benefits and results they can credibly see and believe in.
If you can create a 5:1 or 10:1 ROI on any investment with you then the economics make sense.
Next, you focus on the clients who will get the results and will afford you the margins to continue to grow your business.
So, will you raise your prices in 2022?